The operator behind the $1.6 billion The 13 hotel, in Macau, has reportedly released its financial results for the twelve months to the end of March showing that its unaudited net loss had risen by in excess of 270% year-on-year to hit just over $749.5 million.
Impairment influence:
According to a Thursday report, the figure from South Shore Holdings Limited sits in stark contrast to the overall deficit of approximately $201.1 million it chalked up for the entirety of the previous comparable period and comes a little over a week after the Hong Kong-listed firm revealed that it was dealing with a one-off impairment worth around $601.7 million.
Casino quest:
GGRAsia reported that The 13 began welcoming guests to its 200 opulent rooms almost two years ago with South Shore proclaiming that it would like the iconic venue on the border between Macau’s Coloane and Cotai Strip districts to one day feature a casino. However, the firm has yet to agree a deal with one of the city’s ‘big six’ casino license holders and detailed that the recent non-cash impairment had encompassed about $435.6 million on the hotel itself as well as approximately $133.2 million on prepaid land-lease payments.
Recovery endeavor:
South Shore Holdings Limited has reportedly been attempting to recover and earlier this month indefinitely suspended the trading of its shares after previously selling off its fleet of 24 specially-commissioned Rolls-Royce automobiles for around $3 million each.
Paltry earnings:
The majority of South Shore’s latest annual aggregated revenues of $1.2 billion, which represented a swell of 38% year-on-year, had come from its construction arm with only around $572,700 having been down to its food, beverage and hotel business although these venture’s associated sales costs had risen to hit just over $64.6 million.